Marvell Technology, Inc. ($MRVL) Q1 2024 Earnings Call Summary

Marvell Technology, Inc. ($MRVL) Q1 2024 Earnings Call Summary

Posted: 1 week, 1 day ago // May 26, 2023 1:23 a.m. UTC

Here is a summary of Marvell Technology, Inc.'s Q1 2024 earnings call, which took place on May 25:

- Marvell Technology had a strong Q1 FY2024, with revenue at $1.322 billion, beating expectations.

- The company sees significant opportunities in AI, with a focus on the massive data sets involved in AI workloads and the need for ultra-high-speed connectivity.

- Marvell is well-positioned in network connectivity and compute for AI systems.

- Marvell's revenue driven by AI is expected to at least double in fiscal year 2024 and 2025.

- Marvell is forecasting revenue to continue to grow sequentially and gross margin to improve significantly in Q4, setting up a strong platform for growth next year.

- Revenue growth in the second half of the year is expected, with strong drivers including AI, cloud infrastructure, and automotive.

- The company has seen a significant increase in AI projects coming to fruition, and the AI portion of the cloud business has become very significant.

- Marvell wants to be the lead company for a broad range of solutions, including CXL, ACs, PAM4 DSP, optics, DCI, and custom silicon.

- On the data center side, there will be sequential growth in Q2 and throughout the year, with a step-up in the second half but likely not back to pre-pandemic levels.

- The consumer storage business is up 50 million sequentially in July and is sustainable for the second half of the year.

This is an AI generated summary. There may be inaccuracies.

Relevant tickers: MRVL